Situation:

Asset Based Lending recently financed a hard money fix and flip loan for an exceptionally experienced investor in Philadelphia, PA. The investor has intimate knowledge of the local market since he lives in the same neighborhood, and has decided to hold and rent the property once the rehab is complete. The project is a full gut renovation with a scope of work that includes all new windows, finishing the basement, installing new heating and central air, as well as overhauling the kitchen and bathrooms. The contractor on this deal will be the same as prior projects, and they estimate the work to be completed in 6 months.